Pakistan Economy Outlook at Macro Level Progressed in 2020
Surprisingly, countrywide lockdowns and other factors contributed to a boom in the economy of Pakistan at the micro level in 2020
Discursive of what was believed as the coronavirus hit Pakistan like the rest of the world, the outlook of the economy of country at the macro level remained impressive in 2020.
Pakistan registered record production and export in the Textile sector, lockdown induced telecom revenue and deposits in banks also rose by a high percentage during the year clobbered by the pandemic.
Telecom sector
The input of the telecom sector in the national treasury increased by 129% during the fiscal year 2019-20.
The contribution stood at Rs278 billion against Rs121 billion in the previous fiscal year.
Telecom revenue surges 129% amid #COVID19 lockdown. Pakistan Telecom Authority #PTA stated on Friday. Data usage increased 77% to 4.498 petabytes. #PTA stated that the growth would not be possible if the country’s networks were not upgraded.#Pakistan 🇵🇰🇵🇰 pic.twitter.com/qdBAJoyMye
— Developing Pakistan (@DevelopmentPk) January 16, 2021
The countrywide lockdowns induced the situation and proved to be a silver lining for the sector.
Banking deposits
The banking deposits in Pakistan also rose by 22% in 2020.
State Bank of Pakistan reported that the deposits of Rs3.204 trillion in the outgone year took the accumulative figure at Rs 17.876 trillion.
Textile Sector
Textile exports increased by 22.72% in December 2020 which was the highest ever achieved by Pakistan during the last month of the year.
Pakistan’s #Textile #exports rise to a historic high of $1.40 billion in December@razak_dawood @Asad_Umar @HosieryPak @aliya_hamza @pakco_updates @Pakistanomy @SHABAZGIL @TextilePtea @sattars @PTIofficial @aleemkhan_pti#PakistanMovingForward #ExportsLedGrowth#TextileExports pic.twitter.com/FZ4z8rZLo4
— All Pakistan Textile Mills Association (@APTMAofficial) January 16, 2021
The textile exports were reported at a historic high of $1.401 billion during December 2020 compared to $1.14 billion in December 2019.
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The exports of tents, canvas, and tarpulin surged 57.7% to $62.477 million while that of readymade garments by 5.54% to $1.490bn.
Similarly, the export of art, silk, and synthetic textile rose by 0.17pc to $167.502m.
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